Australian budget deficit is forecast to widen to A$47 billion

The Australian budget deficit is forecast to widen by more than economists initially expected in 2013-14 amid weaker prospects of local economy weighing on the nation's public finances, a report published by the Economic and Fiscal Outlook showed on Tuesday. According to the report, the country's deficit may widen to A$47 billion compared to a level of A$30 billion projected by the prior government.